Lightstone signs $28.8M refi with Arbor for 65-unit rental in Upper West Side

Lightstone Group through the entity 700 West End Ave. Associates LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Agency Lending, LLC valued at $28.8 million for the 65-unit residential elevator building (D3) at 700 West End Avenue in Upper West Side, Manhattan.
The deal closed on October 20, 2025 and was recorded on November 5, 2025. The prior lender was Sound Point Asset Management which held debt that had an original loan amount of $25.9 million.The property has 55,840 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $515 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on September 1, 2021, for $28.5 million. The signatory for Lightstone Group was Joseph E. Teichman . The signatory for Arbor Realty Trust was Kenneth Dowling .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes M. Milgraum, head officer and Miria Nacaj, site manager. The business entities are David Eisenstein Real Estate and 700 West End Avenue Associates Llc.

The property

The residential elevator building with 65 residential units in Upper West Side has 55,840 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 100 feet deep with a total lot size of 4,219 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District Extension II. The city-designated market value for the property in 2022 is $7.8 million. The property has 11 rent regulated units according to city tax records from 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, six housing violations, and $1,650 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 362,751 square feet of the 542,082 square feet. The largest owner is Empire Hotel Group, followed by Related Companies and then Lightstone Group.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 542,082 square feet of built space are hotel buildings, with elevator buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Lightstone Group owned at least 35 commercial properties with 2,314 residential units in New York City with 2,823,226 square feet and a city-determined market value of $351.6 million. (Market value is typically about 50% of actual value.) The portfolio has $2.1 billion in debt, with top three lenders as Reznik Paz Nevo Trusts, JLL, and Goldman Sachs respectively. Within the portfolio, the bulk, or 61 percent of the 2,823,226 square feet of built space are elevator properties, with hotel properties next occupying 17 percent of the space. The bulk, or 37 percent of the built space, is in Bronx, with Queens next at 26 percent of the space.

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